EXCLUSIVE LISTING Offering Memorandum - Walgreens | Lusby, MD - LoopNet
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Walgreens | Lusby,
EXCLUSIVE LISTINGMD
Offering Memorandum
Walgreens | Lusby, MD
Actual Site
ANDREW FALLON
EXECUTIVE MANAGING DIRECTOR
(703) 787-4733
afallon@calkain.com CCAALLKKAAIIN
N.C
.CO
OMM
1
Walgreens | Lusby, MD
Offering Memorandum
Financial Summary
11745 Rousby Hall Rd | Lusby, MD 20657 Investment Highlights
•• 15 years remaining on NNN fee simple lease
Asking Price $6,145,500 | Cap Rate 5.50%
•• NNN lease, no landlord responsibilities
Net Operating Income (NOI) $338,000 •• Investment grade tenant NASDAQ: WBA (S&P: BBB)
•• Located adjacent to Lusby Town Center and Lusby Hills Shopping Center
Rent/Month $28,166
anchored by Giant grocery & gas, and other national retailers including
Rent/SF $22.81 Starbucks, Verizon and Domino’s Pizza
•• Drive-thru provides competitive market advantage in limited zoning
Rentable Square Feet 14,820+/- SF
districts within Lusby
Land Area 2.03+/- Acres •• Just off the intersection of Solomons Island Rd (Route 2/4) with traffic
Tenant Name Walgreens Co. count of 27,175 VPD and Rousby Hall Rd (Route 760) with traffic count of
11,025 VPD passing the site
Credit Rating S&P: BBB •• Walgreens shares access with Advance Auto Parts and Community Bank as
Stock Symbol NASDAQ: WBA strategic co-tenants
•• Strong performing store - contact broker
Guarantor Corporate
•• Average HH income of over $96K within 3 mile radius
Ownership Type Fee Simple •• Population of 25,532 people within 5 miles
Lease Type NNN
Landlord Responsibilities None
Store Opened 2008
Lease Term Remaining 15 Years
Rent Commencement January 9, 2008
Lease Expiration December 31, 2032
Increases Rent Remains Constant Throughout The Term
Termination Options Annually After 25 Year Firm Lease Term
2
Walgreens | Lusby, MD
Offering Memorandum
Site Photos
3
Walgreens | Lusby, MD
Offering Memorandum
Surrounding Retail
4
Walgreens | Lusby, MD
Offering Memorandum
Surrounding Retail
5
Walgreens | Lusby, MD
Offering Memorandum
Tenant Overview
About Walgreens
Walgreens is an American pharmaceutical
company which operates the largest
drug retailing chain in the United States
of America. It specializes in serving prescriptions, health & wellness products,
health information and photo services. As of February 29, 2016, the company
operated 8,232 stores in all 50 states, the District of Columbia, Puerto Rico and
the U.S. Virgin Islands. It was founded in Chicago, Illinois, in 1901. The Walgreens
headquarters office is in the Chicago suburb of Deerfield, Illinois.
In December 2014, Walgreens completed its strategic combination with
Alliance Boots to establish Walgreens Boots Alliance, Inc., forging the first global
pharmacy-led, health and wellbeing enterprise. The combination brought together
two leading companies with iconic brands, complementary geographic footprints,
shared values and a heritage of trusted health care services through community
pharmacy care and pharmaceutical wholesaling. Both companies have more than
a century’s worth of experience in customer and patient care. Walgreens is today
part of the Retail Pharmacy USA division of Walgreens Boots Alliance. Walgreens
provides access to consumer goods and services, plus pharmacy, photo studio,
health and wellness services in the United States through its retail drugstores,
Walgreens Health Services division, and Walgreens Health and Wellness division.
Tenant
Snapshot
# of Locations
8,232
Stock Symbol
WBA
Credit Rating
S&P: BBB
6
Walgreens | Lusby, MD
Offering Memorandum
Location Overview
Distance To:
Waldorf, MD 38 miles
Annapolis, MD 54 miles Baltimore, MD
Alexandria, VA 59 miles
Washington, DC 60 miles
Fredericksburg, VA 72 miles
Baltimore, MD 78 miles
97
Annapolis, MD
Note: Washington, DC
See pages 10-12 for additional
info on Lusby, MD including: Alexandria, VA
St. Michaels, MD
• Dominon’s Cove Point
• Calvert Cliffs Nuclear Power 95
Plant
Waldorf, MD
• NAS Pax River
Prince
Frederick, MD
Subject Site
Lusby, MD
Fredericksburg, VA
7
Walgreens | Lusby, MD
Offering Memorandum
11745 Rousby Hall Rd | Lusby, MD
2
4
Patuxent
D
VP Elementary School
,1 75 Lusby Hills Shopping Center
d 27
R Appeal
and Elementary School
s Isl
on
lom
So
Subject Site
760
Ro
us VPD
50
by
d 9,1
way Ha nR
sa ll a
ile Rd
Truem
4m 11 HG
s ,0
on 25
lom VP Lusby Town Center
So D
8
Walgreens | Lusby, MD
Offering Memorandum
11745 Rousby Hall Rd | Lusby, MD
2
4
VPD
,1 75
7
Rd2 Ro
d usb
Islan yH
s all
mon Rd
11
Solo ,02
5V
PD
760
Subject Site
V PD
, 150
R d9
m an
rue
H GT
9
Walgreens | Lusby, MD
Offering Memorandum
Lusby’s central business district has been
Market Overview growing rapidly in recent years. Three
shopping centers have recently been
built, bringing in new grocery stores,
restaurants, and other businesses.
Lusby, MD Several new roads have either been
Lusby is an unincorporated community and census-designated place (CDP) in built or are in planning stages in order
Calvert County, Maryland, United States. The population of the CDP was 1,835 to ease traffic congestion to and from
at the 2010 census. Residents of the Chesapeake Ranch Estates and Drum Point the Chesapeake Ranch Estates-Drum
communities also use the Lusby ZIP code designation. Point communities. Lusby also features
Lusby is located near the southern end of Calvert County. It is bordered to the Cove Point Park, which has numerous
southwest by Solomons, a tourist resort town, to the south by Drum Point (across baseball, soccer, and lacrosse fields as
tidal Mill Creek), and to the southeast by Chesapeake Ranch Estates, a large well as a public swimming pool. There
community governed by a homeowners’ association. is a public golf course, Chesapeake Hills
Golf Course, near Cove Point Park.
Dominion Cove Point LNG, one of the nation’s largest liquefied natural gas import There is also a private air field owned
facilities, is located just northeast of Lusby, and the Calvert Cliffs Nuclear Power and operated by the Chesapeake Ranch
Plant is 5 miles to the north. Maryland Routes 2 and 4 run along the western Estates and Drum Point communities.
edge of Lusby, leading south to the Patuxent River Naval Air Station and north to Cove Point Lighthouse
Andrews Air Force Base and the Washington, D.C., and Annapolis areas.
Places of note in the Lusby area include the Cove Point Lighthouse on the
Chesapeake Bay and Calvert Cliffs State Park. The lighthouse was listed on the
National Register of Historic Places in 1973. Also on the National Register are
Middleham Chapel and Morgan Hill Farm.
Naval Air Station Patuxent River Calvert Cliffs State Park
10Walgreens | Lusby, MD
Offering Memorandum
Location Overview
Calvert Cliffs
Nuclear Power
Plant
4
Offshore Docks
Dominion
Cove Point
Subject Site
CHES
4
APEA
KE B
Solomons, MD
AY
California, MD
Naval Air Station
Patuxent River
11Walgreens | Lusby, MD
Offering Memorandum
Calvert Cliffs Nuclear Power Plant
Market Overview Located in Lusby, MD, Calvert Cliffs Unit 1 began generating electricity in 1975
and Unit 2 joined the system in 1977. Since then, Calvert Cliffs has continually
set records for power production and worker safety.
Dominion’s Cove Point The nuclear power plant is built on a 1,500 acre site on the western shore of the
Chesapeake Bay. Its two units-are capable of generating-over 1,757 net megawatts
annually, enough to power over 1 million average american homes each year.
The majority of Calvert Cliffs and its approximately 900 employees live in
communities surrounding the plant. During refueling outages, the station employs
several hundred contractors who boost the local economy during their stay.
Read More HERE
Naval Air Station Patuxent River
NAS is home to NAVAIR Headquarters, affiliated Program Executive Officers,
and the Naval Air Warfare Center Aircraft Division. Conducting over 200,000 air
operations annually, NAS Pax River hosts more than 50 tenants including three
services, federal agencies and private industry.
Cove Point Liquefaction Project The largest employer in St. Mary’s County, MD, NAS Patuxent River employs 9,800
civilian employees, 5,700 contractors and 2,400 active duty military personnel.
Dominion is constructing liquefaction facilities for exporting liquefied natural
gas (LNG) at its existing Cove Point Terminal on the Chesapeake Bay in MD. The
proposed liquefaction facilities, combined with existing facilities, will provide a
Facilities
bi-directional service of import and export of LNG at the Dominion Cove Point The air combat systems development functions conducted at Patuxent River
LNG Terminal. require sea level altitude, a varied climate and a location near the sea to produce
the test conditions essential for Naval aircraft. The climatic and geographic
Project Benefits conditions unique to Patuxent River are crucial for the proper performance
testing of both fixed-wing and rotary-wing vehicles in preparation for operations
There are currently more than 2,500 construction workers on site which accounts in the maritime environment.
for millions in tax revenue, continued community partnership and environmental
conservation. For nearly 40 years, the Cove Point Terminal has taken great • Patuxent River encompasses more than 14,500 acres
pride in being a valued member of the Maryland community and a responsible • Estimated value of the facilities located on Patuxent River and Webster Field
environmental steward. The $3.8 billion investment to add natural gas liquefaction is $3.6 billion
and export facilities to the existing site is simply a new phase for Cove Point, one
• 740 separate buildings, including 10 hangars, with a total of over 8.4 million
that will significantly benefit the community and the economy.
square feet of facilities
Read More HERE
Read More HERE
12Walgreens | Lusby, MD
Offering Memorandum
Demographics
Radius 3 Miles 5 Miles 10 Miles
Population
2016 Population 17,720 25,532 87,571
2021 Population 17,872 25,877 92,606
2010-2016 Annual Rate 0.15% 0.25% 1.15%
2016-2021 Annual Rate 0.17% 0.27% 1.12%
2016 Male Population 48.7% 49.1% 49.4%
2016 Female Population 51.3% 50.9% 50.6%
2016 Median Age 37.7 38.8 35.6
Households
2016 Total Households 6,377 9,291 31,893
2021 Total Households 6,451 9,445 33,643
2010-2016 Annual Rate 0.21% 0.30% 1.09%
2016-2021 Annual Rate 0.23% 0.33% 1.07%
2016 Average Household Size 2.76 2.73 2.73
Median Household Income
2016 Median Household Income $83,385 $85,188 $84,423
2021 Median Household Income $91,075 $94,073 $92,736
2016-2021 Annual Rate 1.78% 2.00% 1.90%
Average Household Income
2016 Average Household Income $96,345 $100,576 $99,543
2021 Average Household Income $104,668 $110,047 $108,250
2016-2021 Annual Rate 1.67% 1.82% 1.69%
Per Capita Income
2016 Per Capita Income $35,015 $36,527 $36,553
2021 Per Capita Income $38,134 $40,045 $39,641
2016-2021 Annual Rate 1.72% 1.86% 1.64%
13Walgreens | Lusby, MD
Offering Memorandum
About Calkain
Who Are We?
We are a national commercial real estate firm that provides consulting and With the growth in staff, seasoned professionals have been attracted to Calkain’s
brokerage services to both private and institutional clientele with an expertise on model of innovation, entrepreneurship and the fostering of long-lasting and
triple net lease investments. We pride ourselves on being a world class leader by meaningful relationships. Industry experts have joined Calkain in the hopes of
providing our clients a full array of commercial real estate investment brokerage implementing the skills they have honed in complementary aspects of real estate
and asset management solutions, including advisory, research, estate planning investment.
and wealth management. Through a tremendous endeavor, tireless hours have been committed to
We have built solid relationships throughout our decades of experience and continually prove that Calkain is America’s Net Lease Company®. Its countless
innovation, implementing long-term allocation within the context of each client’s accolades received from the world’s leading business publications, including
particular risk tolerance and identifying how best to acquire and dispose of income Forbes™, Fortune™ and the New York Times™ have confirmed that Calkain is a
producing properties for each entities’ specific set of investment criterion. At true leader in triple net lease investing services.
Calkain, our foresight and past performance are leading the net lease investment
industry.
Client Testimonial
Our History
Like most success stories, Calkain was formulated from humble beginnings. “USRA has worked with Calkain on numerous occasions. They have always been
Jonathan W. Hipp, President and CEO, took the initiative to build upon his meticulous in their work ethic, providing superior service and extremely prompt
attention to our needs. I highly recommend them.
decades of experience and performance and left a large international brokerage
firm to become an independent and innovative leader within the triple net lease –Jack Genende, Partner | U.S. Realty Advisors, LLC. (USRA)
investment community. Armed with a sole employee and a single office, the firm
has grown exponentially since its infancy in 2005.
$11.5 Billion $350 Million
in Closed Transactions in Active Listings
ANDREW FALLON
EXECUTIVE MANAGING DIRECTOR
(703) 787-4733
afallon@calkain.com CCAALLKKAAIIN
N.C
.CO
OMM
14Contact Us Corporate Headquarters Washington, DC 12930 Worldgate Drive | Suite 150 Herndon, VA 20170 T: (703) 787-4714 • F: (703) 787-4783 Tampa 400 N. Tampa Street | Suite 2660 Tampa, FL 33602 T: (813) 282-6000 • F: (813) 282-6098 South Florida 300 S. Pine Island Road | Suite 300 Fort Lauderdale, FL 33324 T: (954) 302-7365 Atlanta 111 Village Parkway, Building 2 | Suite 202 Marietta, GA 30067 T: (404) 900-5629 Boston 101 Federal Street | Suite 1900 Boston, MA 02110 T: (617) 261-8584 CALKAIN.COM DISCLAIMER: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regula- tions, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
You can also read
